Civic Intelligence

Mastercard Foundation (Fka the Mastercard Foundation)

990 • Fiscal year 2020 • EIN 98-0543843

Jan 01, 2020 to Dec 31, 2020 • Filed on May 13, 2021

Organization Profilewww.mastercardfdn.org
250 Yonge Street Suite 2400Toronto, Ontario M5B 2L7CA

(416) 214-2857

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

4th percentile

0.00x

Higher debt load relative to assets than 4% of similar nonprofits.

2020 filings • $1B+ nonprofits • Source year 2020

Liabilities / Revenue

7th percentile

0.02x

Higher debt load relative to revenue than 7% of similar nonprofits.

2020 filings • $1B+ nonprofits • Source year 2020

Net Margin

1st percentile

-166%

Higher net margin than 1% of similar nonprofits.

2020 filings • $1B+ nonprofits • Source year 2020

Top Officer Pay

47th percentile

$1,198,071

Higher top officer pay than 47% of similar nonprofits.

Top officer pay equals 0.3% of source-year revenue.

2020 filings • $1B+ nonprofits • Source year 2020

Asset Growth

58th percentile

14%

Faster asset growth than 58% of similar nonprofits.

2020 filings • $1B+ nonprofits • Annualized from 2019 to 2020

Revenue Growth

95th percentile

86%

Faster revenue growth than 95% of similar nonprofits.

2020 filings • $1B+ nonprofits • Annualized from 2019 to 2020

Balance Sheet
Liabilities / Assets4th percentile

Assets

Up

$31,477,405,206

Up $3,878,490,835 (+14%) from 2019

Net Assets

Up

$31,471,459,731

Up $3,883,204,557 (+14%) from 2019

Liabilities

Down

$5,945,475

Down $4,713,722 (-44%) from 2019

Revenue And Expenses
Liabilities / Revenue7th percentileNet Margin1st percentile

Revenue

Up

$356,789,232

Up $164,641,719 (+86%) from 2019

Expenses

Up

$947,737,147

Up $590,131,374 (+165%) from 2019

Net Income

Down

-$590,947,915

Down $425,489,655 (-257%) from 2019

Historical Trend

Balance Sheet Trend

Asset Growth58th percentile

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$60B$40B$20B$0Assets 2011: $3,748,420,096Liabilities 2011: $658,820Net Assets 2011: $3,747,761,2762011Assets 2012: $4,941,558,410Liabilities 2012: $1,416,161Net Assets 2012: $4,940,142,2492012Assets 2013: $8,271,025,202Liabilities 2013: $1,860,869Net Assets 2013: $8,269,164,3332013Assets 2014: $8,257,954,830Liabilities 2014: $1,268,878Net Assets 2014: $8,256,685,9522014Assets 2015: $9,179,286,169Liabilities 2015: $3,435,825Net Assets 2015: $9,175,850,3442015Assets 2016: $9,660,981,405Liabilities 2016: $2,353,720Net Assets 2016: $9,658,627,6852016Assets 2017: $14,004,487,207Liabilities 2017: $3,508,201Net Assets 2017: $14,000,979,0062017Assets 2018: $17,401,495,233Liabilities 2018: $5,667,903Net Assets 2018: $17,395,827,3302018Assets 2019: $27,598,914,371Liabilities 2019: $10,659,197Net Assets 2019: $27,588,255,1742019Assets 2020: $31,477,405,206Liabilities 2020: $5,945,475Net Assets 2020: $31,471,459,7312020Assets 2021: $30,798,947,472Liabilities 2021: $9,406,052Net Assets 2021: $30,789,541,4202021Assets 2022: $29,242,305,789Liabilities 2022: $7,993,373Net Assets 2022: $29,234,312,4162022Assets 2023: $42,194,078,620Liabilities 2023: $23,161,101Net Assets 2023: $42,170,917,5192023Assets 2024: $50,320,893,084Liabilities 2024: $35,372,293Net Assets 2024: $50,285,520,7912024

Highlighted filing

2020

Assets$31,477,405,206
Liabilities$5,945,475
Net Assets$31,471,459,731
Open 2020 Filing

Operations Trend

Revenue Growth95th percentile

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$8.0B$6.0B$4.0B$2.0B$0-$2.0BRevenue 2011: $91,641,846Expenses 2011: $87,184,901Net Income 2011: $4,456,9452011Revenue 2012: $69,188,580Expenses 2012: $114,710,587Net Income 2012: -$45,522,0072012Revenue 2013: $91,693,608Expenses 2013: $184,764,982Net Income 2013: -$93,071,3742013Revenue 2014: $39,458,181Expenses 2014: $191,470,300Net Income 2014: -$152,012,1192014Revenue 2015: $110,258,304Expenses 2015: $206,307,876Net Income 2015: -$96,049,5722015Revenue 2016: $127,229,109Expenses 2016: $277,608,573Net Income 2016: -$150,379,4642016Revenue 2017: $127,535,564Expenses 2017: $303,912,742Net Income 2017: -$176,377,1782017Revenue 2018: $112,205,391Expenses 2018: $297,523,351Net Income 2018: -$185,317,9602018Revenue 2019: $192,147,513Expenses 2019: $357,605,773Net Income 2019: -$165,458,2602019Revenue 2020: $356,789,232Expenses 2020: $947,737,147Net Income 2020: -$590,947,9152020Revenue 2021: $422,948,756Expenses 2021: $1,496,169,880Net Income 2021: -$1,073,221,1242021Revenue 2022: $424,109,307Expenses 2022: $1,377,301,146Net Income 2022: -$953,191,8392022Revenue 2023: $680,266,338Expenses 2023: $1,533,523,522Net Income 2023: -$853,257,1842023Revenue 2024: $6,513,121,957Expenses 2024: $1,633,430,674Net Income 2024: $4,879,691,2832024

Highlighted filing

2020

Revenue$356,789,232
Expenses$947,737,147
Net Income-$590,947,915
Open 2020 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2020 to Dec 31, 2020
Signed
May 13, 2021
Return Version
2020v4.1
Gross Receipts
$1,033,260,262
Mission and Program Overview

Mission

Mastercard foundation seeks a world where everyone has the opportunity to learn and prosper. The foundation's work is guided by its mission to advance learning and financial inclusion for people living in poverty.

The foundation's mission is to advance youth education and promote financial inclusion for financially disadvantaged persons and communities.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$27,558,166,913$31,355,848,119▲ $3,797,681,206
Savings and Temporary Cash Investments$30,661,997$112,095,738▲ $81,433,741
Land, Buildings, and Equipment, Net$3,433,673$3,120,145▼ $313,528
Accounts Receivable$2,707,244$2,976,188▲ $268,944
Prepaid Expenses and Deferred Charges$3,345,547$2,468,646▼ $876,901
Intangible Assets$598,997$896,370▲ $297,373
Cash and Non-Interest-Bearing Accounts$0$0→ $0
Other Notes and Loans Receivable, Net$0$0→ $0
Pledges and Grants Receivable$0$0→ $0
Receivable From Disqualified Prsn$0$0→ $0
Receivables From Officers Etc$0$0→ $0
Investments Other Securities$0$0→ $0
Investments Program Related$0$0→ $0
Inventories for Sale or Use$0$0→ $0
Loans From Officers Directors$0$0→ $0
Total Assets$27,598,914,371$31,477,405,206▲ $3,878,490,835
Other Assets Total$0$0→ $0
Liabilities
Accounts Payable and Accrued Expenses$9,601,440$5,865,729▼ $3,735,711
Grants Payable$1,038,400$60,000▼ $978,400
Other Liabilities$19,357$19,746▲ $389
Mortgage Notes Payable Secured by Investment Property$0$0→ $0
Unsecured Notes Loans Payable$0$0→ $0
Deferred Revenue$0$0→ $0
Escrow Account Liability$0$0→ $0
Tax Exempt Bond Liabilities$0$0→ $0
Total Liabilities$10,659,197$5,945,475▼ $4,713,722
Net Assets / Fund Balance
Net Assets With Donor Restrictions$27,558,166,913$31,355,848,119▲ $3,797,681,206
Net Assets Without Donor Restrictions$30,088,261$115,611,612▲ $85,523,351
Total Net Assets Fund Balance$27,588,255,174$31,471,459,731▲ $3,883,204,557
Total Liabilities and Net Assets / Fund Balance$27,598,914,371$31,477,405,206▲ $3,878,490,835

Asset Categories

AssetBook ValueDepreciationBasis
Leasehold Improvements$2,005,295$1,816,696$3,821,991
Other Land Buildings$815,693$396,094$1,211,787
Equipment$299,157$183,859$483,016

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2020$27,558,166,914-▲ $4,474,152,467$676,471,261$31,355,848,120
2019$17,386,501,173-▲ $10,363,751,993$192,066,903$27,558,166,913
2018$13,967,145,300-▲ $3,579,382,829$160,000,000$17,386,501,173
2017$9,442,959,245-▲ $4,524,186,327-$13,967,145,299
2016$9,168,689,479-▲ $596,044,003$321,773,536$9,442,959,245
Compensation and Service Providers
Top Officer Pay47th percentile

Employees

NameTitleBaseOtherTotal
Reeta RoyPresident/CEO$940,000$258,071$1,198,071
David MarlowChief Operations Officer$491,144$42,110$691,869
Daniel HailuRegional Head, Eastern and Sou$260,000$38,394$516,374
Peter MateruChief Program Officer$486,659$177,777$505,821
Nathalie GabalaRegional Head, Western, Centra$240,000$49,604$472,402
Julie GichuruHead of Public Affairs & Commu$330,000$229,817$341,837
Tina MuparadziChief People & Culture Officer$300,000$19,908$319,908
Sulley GaribaHead of Impact$300,000$207,874$313,851
Andrew ParkHead of Strategic Operations$275,821$8,922$295,968

Board Members and Trustees

NameTitle
Zein M AbdallaBoard Chair
Craig CalhounDirector
Douglas Doug BaillieDirector
Ellen Johnson SirleafDirector
Festus G MogaeDirector
James Jim LeechDirector
Jay IrelandDirector
Jendayi FrazerDirector
Jennifer FonstadDirector
Louise ArbourDirector
Michael SabiaDirector
Valerie AmosDirector

Highest Paid Contractors

ContractorServicesLocationCompensation
McKinsey Company CanadaConsulting Services110 CHARLES STREET WEST, Toronto, ONTARIO, Ca$2,882,155
Namu Communications LimitedPublic Relations SerKEYSTONE PARK 95 RIVERSIDE DRIVE, Rosebank, JOHANNESBURG, Ke$2,716,290
Dalberg Middle East Consultancy LLConsulting ServicesUNIT 1604 ADCP TOWER C ZAYED THE 1, Westlands, NAIROBI, Ae$2,383,279
Dalberg South AfricaConsulting Services6TH FLOOR ROSEBANK LINK 173 OXFOR, Sf$2,067,894
McKinsey Company Africa ProprietaConsulting Services8TH FLOOR DELTA CORNER TOWER CHIRO, Ke$2,046,376
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$0
Investment Income
$356,574,632
Other Revenue
$214,600
Change in Net Assets
$-590,947,915

Audited Revenue Reconciliation

Revenue per Audited Statements
$357,240,494
Revenue Not Reported on Financial Statements
$-451,262
Revenue Not Reported on Form 990
$4,474,152,466
Other Revenue Adjustments
$-451,262
Total Revenue per Audited Statements
$4,831,392,960
Total Revenue per Form 990
$356,789,232
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$886,697,337
Other Expenses$35,121,936
Salaries, Compensation, and Employee Benefits$25,917,874
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Foreign Grants$635,852,675--$635,852,675
Grants to Domestic Orgs$250,844,662--$250,844,662
Fees for Services Other$13,387,559$5,398,211-$18,785,770
Other Salaries and Wages$8,840,501$8,630,484-$17,470,985
Office Expenses-$5,875,602-$5,875,602
Other Employee Benefits$2,812,136$2,919,083-$5,731,219
Occupancy$1,729,136$1,997,281-$3,726,417
Current Officers, Directors, Trustees, and Key Employees$1,098,171$1,617,499-$2,715,670
Travel$370,602$731,857-$1,102,459
Depreciation Depletion-$923,564-$923,564
Other Expenses$894,599$757,080$0$894,599
Information Technology-$797,990-$797,990
Conferences and Meetings$733,082$6,218-$739,300
Fees for Services Legal$53,251$523,170-$576,421
Insurance-$328,038-$328,038
Fees for Services Accounting-$289,830-$289,830
Total Functional Expenses$916,941,240$30,795,907$0$947,737,147

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$948,188,409
Expenses per Audited Statements$947,737,147
Total Expenses per Form 990$947,737,147
Expenses Not Reported on Form 990$451,262
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Carnegie Mellon UniversityPittsburgh, PA501(c)3Youth Learning$177,496,534
Arizona State UniversityTempe, AZCharitable OrgYouth Learning$11,011,179
Grassroots Business Partners IncWashington, DC501(c)3Financial Inclusion$7,464,158
American University of BeirutNew York, NY501(c)3Youth Learning$6,278,134
Education Development Center Incwaltham, MA501(c)3Youth Learning$5,694,194
TechnoServe IncWashington, DC501(c)3Financial Inclusion$5,201,662
Consultative Group to Assist the PoorDc, WANon-profit OrgFinancial Inclusion$5,000,000
International Youth FoundationBaltimore, MD501(c)3Youth Learning$3,790,150
Heifer Project InternationalLittle Rock, AR501(c)3Youth Learning$3,521,318
African Entreprenership CollectiveClinton, WA501(c)3Financial Inclusion$3,088,612
Bankable Frontier Associates LLCSomerville, MAOtherFinancial Inclusion$2,117,555
International Rescue Committee IncNew York, NY501(c)3YOUTH Learning$1,852,729
michigan state universityElansing, MI501(c)3youth learning$1,811,958
Mercy CorpsPortland, OR501(c)3Financial Inclusion$1,703,051
University of California Berkeleyberkeley, CA501(c)3youth learning$1,675,055
African Center for Economic TransformationWashington, DC501(c)3Youth Learning$1,529,729
Cornell UniversityIthaca, NY501(c)3Youth Learning$1,331,195
One Acre FundFalcon Heights, MN501(c)3Financial Inclusion$1,250,000
root capital incCambridge, MA501(c)3financial inclusion$1,204,762
Shining Hope for Communities IncNew York, NY501(c)3Youth Learning$970,425
Duke UniversityDurham, NC501(c)3Youth Learning$961,806
KIVA MicrofundsSan Francisco, CA501(c)3Financial Inclusion$866,818
Wellesley CollegeWellesley, MA501(c)3Youth Learning$627,106
Building TomorrowDlndianapolis, INNon-Profit OrgYouth Learning$580,000
Global Development Incubator IncWashington, DC501(c)3Financial Inclusion$575,796
RefuSHEChicago, IL501(c)3Financial Inclusion$525,875
The Resolution ProjectNew York, NY501(c)3Youth Learning$478,895
CorpsAfricaNew York, NY501(c)3Youth Learning$257,343
The Batonga FoundationWashington, DC501(c)3Youth Learning$256,231
Catholic Medical Mission Board IncNew York, NY501(c)3Youth Learning$250,000
Ncba ClusaWashington, DC501(c)6Youth Learning$250,000
Village Health Worksth Floor, NY501(c)3Youth Learning$249,999
Tufts UniversityMedford, MA501(c)3Youth Learning$249,981
Drexel UniversityPhiladelphia, PA501(c)3Youth learning$166,776
Social Impact IncArlington, VAOtherYouth Learning$139,533
ZuriWorksWashington, DC501(c)3Youth Learning$100,000
Nest IncNew york, NY501(c)3Financial Inclusion$91,542
Center for Transcultural StudiesEvanston, IL501(c)3Youth Learning$50,000
St Lawrence UniversityCanton, NY501(c)3Youth Learning$50,000
The Pennington SchoolPennington, NJ501(c)3Youth Learning$44,561
West African Research Association IncBoston, MA501(c)3Youth learning$30,000
Brown UniversityProvidence, RI501(c)3Youth learning$25,000
Harvard UniversityCambridge, MA501(c)3Youth Learning$25,000

International Summary

Offices
8
Employees
269
Spending
$635,852,672

International Compliance

Foreign grant records maintained
Yes
Activity in boycott countries
Yes
Foreign corporation ownership
No
Foreign partnership interest
No
Interest in foreign trust
No
Passive foreign investment company interest
No
Transfers to foreign corporations
No

International Activities

RegionActivityServicesOfficesEmployeesSpending
Sub-Saharan AfricaProgram Servicesyouth learning & Finan7138$603,541,484
North AmericaProgram Servicesyouth learning & Finan1131$21,656,383
Central America and the CaribbeanProgram Servicesyouth learning & Finan--$6,652,048
Europe (Including Iceland and Greenland)Program Servicesyouth learning & Finan--$4,002,757
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$0
Fundraising Gross Income$0
Gaming Direct Expenses$0
Gaming Gross Income$0
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Loans from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Receivables from Disqualified Persons$0$0→ $0
Receivables from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
TENANTS' DEPOSITS$19,746
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
Yes
Management duties delegated
No

Governance Explanations

Part VI Line 7B

“The bylaws of the foundation state that nominations of qualified candidates to be elected as directors of the board of the foundation shall be made by the board of the foundation, upon consultation with, but not under the control or direction of mastercard incorporated. Moreover, the bylaws state that directors of the foundation shall be required to satisfy the qualifications outlined in the bylaws, as determined by a resolution of the board of directors of the foundation and a majority of the votes cast at a properly constituted meeting of the nominating and corporate governance committee of the board of directors of mastercard incorporated. Amending certain sections of the foundation's bylaws also requires approval by mastercard incorporated.”

Part VI Line 11

“The form 990 is prepared by deloitte llp ("deloitte"), based on the information provided by the foundation's staff. The form 990 is reviewed by the foundation's staff. Prior to filing, the form 990 is provided to each member of the board of directors. Deloitte signs as preparer and the chief executive officer signs on behalf of the foundation.”

Part VI Line 12C

“Foundation officers must comply with the employee code of conduct which requires an initial disclosure form before his or her involvement with any operations of the foundation. This disclosure identifies any relationships, positions or circumstances in which the individual may be involved that he or she believes could cause a conflict of interest. This initial disclosure must be confirmed annually and updated whenever substantial changes occur. The board of directors are governed under the conflict of interest provisions set out in the foundation's bylaws and code of conduct for directors. For both officers and directors the disclosure forms are reviewed as they are submitted and any potential conflicts are addressed. Board members with a conflict of interest do not vote on any matter related to the issue for which they have a conflict, or resign from the board, as applicable.”

Part VI Line 15A and 15 B

“The Talent and Compensation Committee approves compensation for the President/CEO. President/CEO approves salaries for all Executive Committee members and the Talent and Compensation Committee endorses changes to compensation for the President/ CEO and the Executive Committee. External consultants are engaged to conduct competitive reviews of compensation for the President/CEO, Executive Committee, and all staff. External consultants are also engaged to advise on Compensation strategy. The Foundation reviews compensation planning data provided by external consultants for salary adjustments every year.”

Part VI Line 19

“Governing documents and the conflict of interest policy are not made available to the public. Financial statements are available to the public through the foundation's website.”

Filing and Contact Details

Filer

Filer Name
Mastercard Foundation
EIN
98-0543843
In Care Of
% DAVID MARLOW
Phone
4162142857
Address
CA

Signing Officer

Name
Reeta Roy
Title
CEO
Phone
6472141923
Signed
2021-05-13

Organization Details

Principal Officer
David marlow
Formed
2005
Voting Board Members
12
Independent Board Members
12
Employees
3

Preparer

Firm
Deloitte LLP
Address
CA
Preparer
James McDonald
Phone
4166016150
Supplemental Narrative

Financial Statement Notes

Schedule D, Part V, Line 4

“The foundation's endowment funds are intended to provide revenue to fulfill the foundation's mission to advance youth education and promote financial inclusion for financially disadvantaged persons and communities, with a major focus in africa.”

SCHEDULE D, PART XI, LINE 4B

“To reallocate the aggregate negative result from both realized and unrealized foreign exchange gains and losses to the revenue reconciliation: $-451,262”

Schedule D, Part XII, Line 2D

“To reallocate the aggregate negative result from both realized and unrealized foreign exchange gains and losses to the expense reconciliation: $451,262”

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This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2020 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$31,477,405,206
Liabilities
$5,945,475
Net assets
$31,471,459,731
Revenue
$356,789,232
Expenses
$947,737,147
Net income
-$590,947,915
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$50,321$35.4$50,286$6,513$1,633$4,880
2023Summary only. Only limited summary data is available for this year.$42,194$23.2$42,171$680$1,534$853
2022Detailed filing. Detailed filing data is available for this year.$29,242$7.99$29,234$424$1,377$953
2021Facts available. Structured filing facts are available, but richer extracted sections are limited.$30,799$9.41$30,790$423$1,496$1,073
2020Detailed filing. Detailed filing data is available for this year.$31,477$5.95$31,471$357$948$591
2019Summary only. Only limited summary data is available for this year.$27,599$10.7$27,588$192$358$165
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$17,401$5.67$17,396$112$298$185
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$14,004$3.51$14,001$128$304$176
2016Summary only. Only limited summary data is available for this year.$9,661$2.35$9,659$127$278$150
2015Summary only. Only limited summary data is available for this year.$9,179$3.44$9,176$110$206$96.0
2014Summary only. Only limited summary data is available for this year.$8,258$1.27$8,257$39.5$191$152
2013Summary only. Only limited summary data is available for this year.$8,271$1.86$8,269$91.7$185$93.1
2012Summary only. Only limited summary data is available for this year.$4,942$1.42$4,940$69.2$115$45.5
2011Summary only. Only limited summary data is available for this year.$3,748$0.66$3,748$91.6$87.2$4.46
Peer Organizations

Similar nonprofits based on the same Siviq industry and scale cohort. 2020 filings • 501(c)4 • $1B+ nonprofits